March 21, 2018

Sensex Up 280 Points In Early Trade; Nifty Climbs Above 10300

12 March 2018, 02:06 | Cesar Cruz

Benchmark indices surge ahead of release of industrial production data

Sensex surges over 300 points, Nifty climbs above 10300 ahead of IIP, inflation data

Bharti Airtel, ITC, Tata Motors, Infosys, NTPC were among the top gainers, rising up to 3.59%. Shares in the other Asian markets rose, taking positive cues from Wall Street where shares ended nearly 2 per cent higher on Friday. The index posted its biggest single-day gain since March 1, 2016, when it had jumped 777.35.

On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE shed 739.8 points or 2.17 per cent to close at 33,307.14 points.

The Nifty Private Bank index was trading 0.91 per cent up at 13,892 around 10:10 am (IST). Investors awaited February CPI inflation and January industrial output data due later today. Japan's benchmark Nikkei 225 is up 2.1 per cent, Hong Kong's Hang Seng too is up 1.5 per cent and Shanghai Composite is marginally up with gains of 0.3 per cent at 7.04 hours IST. On the BSE, 1,067 stocks gained, 297 stocks declined, while 59 stocks remained unchanged.

Most global markets have turned positive following USA data indicating abating inflationary pressure, which lowered the chances of an interest rate hike in the near future.

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"Asian stocks boosted sentiment on the domestic bourses while global stocks gained as worldwide trade-war concerns abated and were replaced by economic optimism following a stronger U.S. jobs report released over the weekend", Karthikraj Lakshmanan, Senior Fund Manager - Equities, BNP Paribas Mutual Fund said.

MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.4 percent soon after opening on Monday.

All the sector indices that the BSE compiles ended higher, led by the S&P BSE Telecom index, which gained 2.57%.

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